Business and City Summary

QVC Network plans no changes in its buyout offer for Paramount Communications and will not attempt to improve on Viacom's terms in the dollars 10bn auction.

Barry Diller, chairman, said the statement was not a concession and he was encouraging Paramount shareholders to tender their shares today to QVC's bid.

NEW DIRECTORS

Midland Indpendent Newspapers, which will seek a listing in March, has appointed Frances Elliott, public affairs director at Tesco, and Gareth Davies, chairman of Glynwed International, as non-executive directors.